Short Interest
Fell on Big Board
In Latest Month

Activity Is Likely to Pick Up
As Tax-Related Selling
Kicks In Before Year Ends

By

Peter A. McKay Staff Reporter of THE WALL STREET JOURNAL

Updated Nov. 21, 2003 12:01 a.m. ET

NEW YORK -- The level of "short" bets against the stock market edged lower at the New York Stock Exchange over the past month, confirming that some of the broader market's recent strength has come from investors unwinding bearish positions.

As 2003 draws to a close, however, the downtrend in short activity likely will reverse itself. Some of the tax-related sales that are routine toward the end of any calendar year are...